AUSTRAC accepts AML/CTF EU from mint

AUSTRAC announced it has accepted an Enforceable Undertaking (EU) from the company operating the Perth Mint to improve its compliance with Australian anti-money laundering/counter-terrorism financing (AML/CTF) laws.

Gold Corporation was subject to an AUSTRAC assessment in 2022, which found the firm was non-compliant with AML/CTF laws. The appointed external auditor concurred AUSTRAC’s concerns about Gold Corporation’s AML/CTF program, monitoring systems and controls and reporting.

The EU requires Gold Corporation to commit adequate resources to put into practice a remediation program as promptly as possible before AUSTRAC takes further action, such as civil penalty proceedings in the Federal Court of Australia.

The EU said Gold Corporation is to complete the remediation program with supervision from AUSTRAC and a third-party expert by April 2025.

“The Enforceable Undertaking is necessary to ensure that Gold Corporation’s remediation remains on course and we will continue to oversee their progress to ensure ongoing compliance,” AUSTRAC acting Chief Executive Officer, Peter Soros, said.

“All businesses enrolled with AUSTRAC must have robust systems in place to ensure they meet their AML/CTF obligations. Businesses like Gold Corporation are the front line of defence in protecting Australia’s financial system from exploitation by criminals.”